A Connecticut municipality completes its revaluation and updates all property assessments. A homeowner's assessed value increases significantly. Under Connecticut law, which of the following best describes the municipality's obligation regarding the tax rate following a town-wide revaluation?
Correct Answer
B) The municipality must reduce the mill rate so that total tax revenue collected remains approximately the same
Under CGS § 12-62a, Connecticut municipalities are required to adjust (typically reduce) the mill rate following a revaluation so that the total property tax levy does not automatically increase solely due to the revaluation. The intent is that revaluation alone should not result in a windfall tax increase — the mill rate must be recalculated to reflect the new total grand list. This is a key consumer protection built into Connecticut's revaluation process.
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A residential property in Stamford, Connecticut has a fair market value of $480,000. The town's mill rate is 15 mills. Using Connecticut's standard 70% assessment ratio, what is the annual property tax owed on this property?
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